Live Feeds
● LIVE Updated 1h ago · 25 sources tracked

Oil touches pre-Iran war lows after ceasefire deal

Oil prices dropped on Thursday after the U.S. and Iran signed an interim agreement to end the war and ease sanctions. Brent crude fell to its lowest level since March 2, while WTI hit its lowest point since March 4. The deal focuses on reopening the Strait of Hormuz to restore full shipping capacity within 30 days.

RSS Source map (21)

What changed

New data provides specific price drops, dates for the lows, and details of the 14-point memorandum.

Live updates

  1. Oil Hits Lowest Levels Since Start of Iran War Following Ceasefire Deal

    Oil prices dropped on Thursday after the U.S. and Iran signed an interim agreement to end the war and ease sanctions. Brent crude fell to its lowest level since March 2, while WTI hit its lowest point since March 4. The deal focuses on reopening the Strait of Hormuz to restore full shipping capacity within 30 days.

    What's confirmed:

    • Brent crude futures fell 2% to $77.96 a barrel as of 0811 GMT on Thursday.
    • U.S. West Texas Intermediate fell 2.38% to $74.96 a barrel.
    • The U.S.-Iran interim deal aims to end the war, reopen the Strait of Hormuz, and ease sanctions on Tehran.
    • Brent crude hit its lowest price since March 2, and WTI reached its lowest since March 4.
    • A 14-point memorandum establishes a 60-day negotiation period.
    • The agreement requires traffic through the Strait of Hormuz to return to full capacity within 30 days.
    • Denmark reopened its embassy in Tehran on Tuesday after the ambassador returned on June 19.
    • Italy's embassy in Tehran reopened on Friday.

    Still unconfirmed:

    • Some experts believe oil prices may not plummet further.
    • Energy markets are pricing in a faster-than-expected return of Iranian barrels.
    confidence 100%

  2. Oil prices hit pre-Iran war lows following ceasefire deal

    Brent crude oil prices have dropped to levels seen before the conflict with Iran. The decline follows a preliminary agreement between the United States and Iran. This deal seeks to reopen the Strait of Hormuz.

    What's confirmed:

    • Brent crude oil prices touched lows seen before the Iran war.
    • The United States and Iran entered a ceasefire agreement.

    Still unconfirmed:

    • The ceasefire is set for 60 days.
    confidence 90%

  3. Oil Prices Hit 3-Month Lows Following US-Iran Peace Deal

    Oil prices have fallen to three-month lows after the US and Iran signed a memorandum of agreement to end hostilities. The deal takes immediate effect and requires Tehran to dilute its stockpile of highly enriched uranium. Market volatility continues as investors weigh the fast reopening of the Strait of Hormuz against remaining uncertainty.

    What's confirmed:

    • The US and Iran signed a memorandum of agreement to end the war in Iran.
    • The agreement takes immediate effect.
    • Oil prices fell to three-month lows.
    • Tehran must dilute its stockpile of highly enriched uranium under the terms of the deal.
    • The agreement waives but does not permanently end sanctions.

    Still unconfirmed:

    • Brent crude oil prices rose on Thursday after Vance warned Israel against breaking the ceasefire.
    • The Topix gained 1.37 per cent to 4,068.18.
    • The Nikkei gauge crossed 71,000.
    confidence 90%